N-MFP2 0000822671 XXXXXXXX 2022-01-31 0000822671 S000003882 2 N N 033-17486 Putnam Investment Management, LLC 801-07974 Putnam Investment Limited 801-61441 PricewaterhouseCoopers, LLP Boston MA Not Applicable Putnam Investor Services, Inc. 0001448300 084-06331 N N N Government/Agency Exempt Government N 30 44 64178301.69 64872680.79 64480378.36 65685766.22 64726405.43 64872680.79 64480378.36 65685766.22 0.8415 0.8490 0.8238 0.8424 0.8487 0.8490 0.8238 0.8424 977.91 77029474.26 77048238.20 65807.96 152044.67 76962979.40 76962102.5300 1.0000 0.0008 0.9999 0.9999 0.9998 0.9998 C000010859 500.00 42881633.35 42880881.3600 0.9999 0.9999 0.9998 0.9998 339569.78 1469635.52 2052070.08 479567.05 482941.75 146184.06 2240379.17 1078280.72 5114984.01 3227795.03 0.0001 Y Putnam Investment Management, LLC Voluntary Expense Waiver 13029.90 C000010860 500.00 34081346.05 34081221.1700 0.9999 0.9998 0.9998 0.9998 68134.05 301462.16 32365.10 86811.05 27798.15 91556.72 123749.27 58514.90 255175.32 539111.04 0.0001 Y Putnam Investment Management, LLC Voluntary Expense Waiver 17974.38 FNMA FANNIE MAE 02.0000 10/05/2022 3135G0T78 US3135G0T781 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-10-05 2022-10-05 2022-10-05 N N N 0.0013 555233.44 555233.44 0.0072 N N N N N/A FEDERAL FARM CREDIT BANKS FUNDING CORP FEDERAL FARM CREDIT BANK 01.8500 08/05/2022 3133EKYJ9 US3133EKYJ96 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-08-05 2022-08-05 2022-08-05 N N N 0.0011 503413.25 503413.25 0.0065 N N N N N/A FNMA FANNIE MAE 01.3750 09/06/2022 3135G0W33 US3135G0W330 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-09-06 2022-09-06 2022-09-06 N N N 0.0008 854066.41 854066.41 0.0111 N N N N N/A FHLMC FREDDIE MAC 00.2000 03/04/2022 3134GVFL7 US3134GVFL73 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-02-01 2022-03-04 2022-03-04 N N N 0.0019 1000117.43 1000117.43 0.0130 N N Y N N/A FNMA FANNIE MAE 00.2200 03/09/2022 3135G0Z55 US3135G0Z556 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-02-01 2022-03-09 2022-03-09 N N N 0.0021 1000170.00 1000170.00 0.0130 N N Y N N/A FNMA FANNIE MAE 00.4000 04/07/2022 3135G03B7 US3135G03B75 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-02-01 2022-04-07 2022-04-07 N N N 0.0039 1000628.00 1000628.00 0.0130 N N N N N/A FHLMC FREDDIE MAC 00.3100 05/05/2022 3134GVQW1 US3134GVQW10 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-02-01 2022-05-05 2022-05-05 N N N 0.0030 1000539.15 1000539.15 0.0130 N N N N N/A FHLMC FREDDIE MAC 00.1250 07/25/2022 3137EAET2 US3137EAET21 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-07-25 2022-07-25 2022-07-25 N N N 0.0007 848565.42 848565.42 0.0110 N N N N N/A FHLB FEDERAL HOME LOAN BANK 00.1250 08/12/2022 3130AJY52 US3130AJY529 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-08-12 2022-08-12 2022-08-12 N N N 0.0012 797905.80 797905.80 0.0104 N N N N N/A 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U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-02-01 2023-06-09 2023-06-09 N N N 0.0036 853370.48 853370.48 0.0111 N N N N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 06/16/2022 912796J42 US912796J420 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-06-16 2022-06-16 2022-06-16 N N N 0.0014 749069.06 749069.06 0.0097 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 08/11/2022 912796L64 US912796L640 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-08-11 2022-08-11 2022-08-11 N N N 0.0011 748179.53 748179.53 0.0097 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 09/08/2022 912796M71 US912796M713 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-09-08 2022-09-08 2022-09-08 N N N 0.0008 797662.78 797662.78 0.0104 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 10/06/2022 912796M89 US912796M895 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-10-06 2022-10-06 2022-10-06 N N N 0.0010 797108.73 797108.73 0.0104 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 04/28/2022 912796P37 US912796P377 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-04-28 2022-04-28 2022-04-28 N N N 0.0019 749664.06 749664.06 0.0097 N Y Y N N/A FHLB FEDERAL HOME LOAN BANK 00.0700 09/28/2022 3130APCM5 US3130APCM57 U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-09-28 2022-09-28 2022-09-28 N N N 0.0013 797504.79 797504.79 0.0104 N N N N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 11/03/2022 912796N96 US912796N968 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-11-03 2022-11-03 2022-11-03 N N N 0.0022 846270.82 846270.82 0.0110 N Y Y N N/A UNITED STATES OF AMERICA TREASURY BILL 00.0000 06/23/2022 912796R43 US912796R431 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-06-23 2022-06-23 2022-06-23 N N N 0.0016 749016.35 749016.35 0.0097 N Y Y N N/A UNITED STATES OF AMERICA CASH MGMT BILL 00.0000 05/10/2022 912796U80 US912796U807 U.S. Treasury Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-05-10 2022-05-10 2022-05-10 N N N 0.0015 749561.04 749561.04 0.0097 N Y Y N N/A FHLB FHLB 313385WB8 GDC 04/27/2022 313385WB8 NA U.S. Government Agency Debt Y Moody's P-1 S&P A-1+ Fitch F1+ 2022-04-27 2022-04-27 2022-04-27 N N N 0.0018 749663.93 749663.93 0.0097 N N N N N/A BofA Securities, Inc. REPO TRIPA MORTG 0.05 02/01/2022 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N FMAC 2048-05-01 4.0000% 1937734.71 1573486.86 Agency Mortgage-Backed Securities FMAC 2051-10-01 1.5000% 2391759.99 2231518.14 Agency Mortgage-Backed Securities FMAC 2049-03-01 5.0000% 892722.21 352154.57 Agency Mortgage-Backed Securities FMAC 2048-08-01 4.5000% 5377953.35 1931151.22 Agency Mortgage-Backed Securities FMAC 2050-12-01 2.0000% 1675967.49 1565850.25 Agency Mortgage-Backed Securities FMAC 2051-03-01 2.0000% 2168000.66 1938889.57 Agency Mortgage-Backed Securities FMAC 2051-07-01 2.5000% 434301.54 424435.37 Agency Mortgage-Backed Securities FMAC 2052-01-01 2.5000% 2238575.84 2243102.99 Agency Mortgage-Backed Securities FMAC 2041-11-01 1.5000% 2133519.86 2039337.92 Agency Mortgage-Backed Securities FMAC 2051-09-01 2.5000% 1748815.76 1717520.82 Agency Mortgage-Backed Securities FMAC 2051-12-01 2.5000% 2025188.67 2002479.17 Agency Mortgage-Backed Securities FMAC 2048-12-01 4.0000% 2417914.53 1749713.13 Agency Mortgage-Backed Securities Y 2022-02-01 2022-02-01 2022-02-01 N N N 0.0005 19382000.00 19382000.00 0.2518 N Y Y N N/A CITIGROUP GLOBAL MARKETS INC. REPO TRIPA MORTG 0.06 02/01/2022 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N GNMA 2052-01-20 2.5000% 1222621.36 1233038.50 Agency Mortgage-Backed Securities GNMA 2052-01-20 3.5000% 5400106.25 5642337.02 Agency Mortgage-Backed Securities GNMA 2052-01-20 4.0000% 1709454.42 1796368.78 Agency Mortgage-Backed Securities GNMA 2051-12-20 4.0000% 923.34 1009.50 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 74072.29 79294.60 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 358722.03 384645.21 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 1028640.83 1102231.14 Agency Mortgage-Backed Securities GNMA 2051-12-20 4.0000% 46315.15 49818.49 Agency Mortgage-Backed Securities GNMA 2051-12-20 4.0000% 6949.57 7542.06 Agency Mortgage-Backed Securities GNMA 2051-12-20 4.0000% 102290.16 110093.91 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 71512.99 74491.62 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 312663.69 335277.53 Agency Mortgage-Backed Securities GNMA 2051-12-20 2.5000% 44041.91 44415.97 Agency Mortgage-Backed Securities GNMA 2051-12-20 4.0000% 91496.95 98189.17 Agency Mortgage-Backed Securities GNMA 2051-12-20 4.0000% 52829.45 56682.48 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 117734.28 126695.23 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 141180.77 152145.95 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 57092.41 60542.94 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 118713.72 123368.92 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.5000% 50062.59 53640.35 Agency Mortgage-Backed Securities GNMA 2051-12-20 4.0000% 44498.71 48360.90 Agency Mortgage-Backed Securities GNMA 2051-12-20 2.5000% 2905790.75 2941956.10 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.0000% 2885418.56 2991765.63 Agency Mortgage-Backed Securities GNMA 2051-12-20 3.0000% 1990417.09 2070946.62 Agency Mortgage-Backed Securities Y 2022-02-01 2022-02-01 2022-02-01 N N N 0.0006 19200000.00 19200000.00 0.2495 N Y Y N N/A ROYAL BANK OF CANADA REPO TRIPA MORTG 0.05 02/01/2022 TRIPARTY2 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Y N GNMA 2051-10-20 1.5000% 1773057.00 1675514.61 Agency Mortgage-Backed Securities U.S. TREASURY 2041-11-15 3.1250% 4019780.67 4672585.41 U.S. Treasuries (including strips) U.S. TREASURY 2043-05-15 2.8750% 3197478.26 3589384.63 U.S. Treasuries (including strips) U.S. TREASURY 2048-05-15 3.1250% 4019780.67 4844507.41 U.S. Treasuries (including strips) U.S. TREASURY 2040-11-15 1.3750% 1970303.54 1732189.84 U.S. Treasuries (including strips) U.S. TREASURY 2026-01-15 0.6250% 2433719.93 3069845.35 U.S. Treasuries (including strips) Y 2022-02-01 2022-02-01 2022-02-01 N N N 0.0005 19200000.00 19200000.00 0.2495 N Y Y N N/A Putnam Variable Trust 2022-02-04 /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer